PHL looks to ME for RE investments
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PRESIDENT Ferdinand R. Marcos Jr. on Tuesday (September 12, 2023) attends the ceremony for the presentation of the implementing rules and regulations of RA 11953 and for the signing of an EO extending the moratorium on payments of amortizations on agrarian debt at the Department of Agrarian Reform office in Quezon City. Story in A13, News. REY BANIQUET/NIB-PNA
HE Philippines is turning to the Middle East to seek billions of dollars worth of renewable energy (RE) investments that could sustain the country’s socioeconomic transformation until 2040, according to the National Economic and Development Authority (Neda). In the Philippine Economic Briefing in Dubai, United Arab Emirates, Socioeconomic Planning Secretary Arsenio M. Balisacan said the country needs $103.6 billion in RE investments until 2040. This will allow the economy to attain its target mix for renewable energy over a 20-year period beginning 2020.
Balisacan said that by 2030, the Philippines will require a 35-percent RE share in its power generation mix and 50 percent by 2040 under the Clean Energy Scenario of the Philippine Energy Plan 2020-2040. “The Marcos Administration has aggressively pursued reforms to open up the energy sector. The Amendment to the country’s Implementing Rules and Regulations of the Renewable Energy Act of 2008 opened up our renewable resources to foreign capital, while the proposed amendments to the Electric Power Industry Reform Act will ensure greater market competition, resulting in
higher-quality energy servicing for consumers and producers,” Balisacan said. “Renewable energy is also a priority under the Strategic Investment Priority Plan, which contains investment areas that may receive fiscal incentives,” he added. Apart from RE, Balisacan said the Philippines also encouraged investment in infrastructure projects in the Philippines, especially in Mindanao. He said the government will prioritize projects that will significantly reduce the cost of connectivity and power in Mindanao. See “ME,” A2
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n Wednesday, September 13, 2023 Vol. 18 No. 331
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AMRO: PHL growth will be slower, 5.9% in ’23
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HE Philippine economy is now expected to post slower growth on the back of weaker external demand and high base effects, according to the Asean+3 Macroeconomic Research Office (AMRO). AMRO said in a statement on Tuesday that it now projects the country’s GDP growth to average 5.9 percent in 2023 before recovering to a growth of 6.5 percent in 2024. Growth in 2024 is expected to be driven by stronger external demand. In July, AMRO said the Philippines is still expected to post a growth of 6.2 percent this year and 6.5 percent next year while inflation is seen averaging 5.9 percent in 2023 and 3.8 percent in 2024. “Domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending,” AMRO Group Head and
NATURE’S REDEMPTION Life flourishes in once-painful waters— in the bustling Binangonan fish port, a dedicated team of fishpen workers, locally known as batilyo, diligently unloads a boatload of bangus to meet the surging demand from Navotas and other fish traders. This vibrant scene stands in stark contrast to the somber events of July 27th when 27 lives were tragically lost in a devastating boat incident. BERNARD TESTA By Cai U. Ordinario
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@caiordinario
HE Bangko Sentral ng Pilipinas (BSP) has no plans to make any change in its monetary policy stance until the country’s inflation rate reaches the 2 to 4 percent target range which is expected next year.
In the Philippine Economic Briefing in Dubai, United Arab Emirates, BSP Deputy Governor Francisco G. Dakila Jr. said, however, that inflation is expected to continue its downtrend despite the higher-than-expected inflation print in August at 5.3 percent. Dakila said inflation will be
below the midpoint of the BSP’s target range in the first quarter of next year. It is expected to average 3.3 percent in 2024 and 3.4 percent in 2025. “So the Monetary Board has kept the policy interest rate unchanged
See “AMRO,” A2
TRADE GROUPS: ASEAN RO-RO WILL CUT LOGISTICS COSTS By Andrea E. San Juan @andreasanjuan
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HILIPPINE trade groups are pushing for the revival of plans to establish the Roll-on, Roll-off (RO-RO) shipping network in the Association of Southeast Asian Nation (Asean) region, saying such could reduce logistics costs among countries in the region. At the 21st International CEO Conference organized by the Management Association of the Philippines (MAP) on Tuesday, Philippine Chamber of Commerce and Industr y
(PCCI) President George T. Barcelon, along with heads of business chambers of Asean member-countries particularly from Thailand and Singapore, discussed major initiatives of Asean member nations in enhancing the business climate in the region. T h roug h t he Ph i l ippi ne trade’s lens, Barcelon said “one area that should be looked into moving forward is the rollon, roll-off logistics.” He said this logistics program would reduce logistics costs among countries in Asean. See “Ro-Ro,” A2
See “Monetary policy,” A2
PESO EXCHANGE RATES n US 56.6320 n JAPAN 0.3865 n UK 70.8863 n HK 7.2304 n CHINA 7.7701 n SINGAPORE 41.6442 n AUSTRALIA 36.4200 n EU 60.8907 n KOREA 0.0428 n SAUDI ARABIA 15.1147 Source:
BSP (12 September 2023)